Analisis Model Atas Faktor Penentu Nilai Perusahaan (Studi Pada Perusahaan Pulp and Paper yang Terdaftar di BEI 2015-2019)

William Fernando, Temy Setiawan


This study aims to analyze the factors that influence firm value, where the independent variables consist of ownership structure, capital structure and gender diversity, and financial performance as a mediation. The research used is Pulp & Paper companies listed on the Indonesia Stock Exchange for the period 2015 – 2019. Using samples from 7 manufacturing companies. By using a sample of 7 manufacturing companies. The test analysis used is the SmartPLS 3.0 program. Based on the results of the study, ownership structure and gender diversity have no significant effect on firm value, capital structure and financial performance have a significant positive effect on firm value, and financial performance has no significant effect on mediating ownership structure and capital structure on the firm. The limitation of this study is to use financial reports sourced from the Indonesia Stock Exchange (IDX) for the pulp and paper sector from 2015-2019 and have financial reports for 5 consecutive years. The implications of this research are expected to provide information for investors on things that can affect the value of the company, especially the paper industry sector.

How to Cite:

Fernando, W., & Setiawan, T. (2021). Analisis Model Atas Faktor Penentu Nilai Perusahan (Studi Pada Perusahaan Pulp and Paper yang Terdaftar di BEI 2015-2019). Akuntabilitas: Jurnal Ilmu Akuntansi, 14(2), 231-242.


ownership structure; capital structure; gender diversity; firm value; financial performance

Full Text:



Agyemang-Mintah, P., & Schadewitz, H. 2019. Gender diversity and firm value: evidence from UK financial institutions. International Journal of Accounting & Information Management. (2020, 1 Januari). Pasar modal Indonesia terburuk di dunia pada 2019. Diakses pada 15 Oktober 2020, dari


total,sebanyak%201%2C62%20juta%20investor (2019, 12 Maret). Industri pulp dan kertas Indonesia. Diakses pada 15 Oktober 2020, dari

Aymen, B. M. M. 2014. Impact of ownership structure on financial performance of banks: case of Tunisia. Journal of Applied Finance and Banking, 4(2), 163.

Brigham, E. F., & Houston, J. F. 2019. Fundamentals of financial management. Nelson Education. (2021, 04 Februari). Saham Kertas & Baterai Melaju, IHSG Menguat di Closing Sesi 1. Diakses pada 19 April 2021, dari


Demsetz, H. 1983. The structure of ownership and the theory of the firm. The Journal of Law and Economics 26(2), p. 375-390.

Ferina, I. S., & Nurcahaya, C. 2014. Ownership structure and firm values: empirical study on Indonesia manufacturing listed companies. Researchers World, 5(4), 1.

Fidanoski, F., Simeonovski, K., & Mateska, V. 2014. The impact of board diversity on corporate performance: New evidence from Southeast Europe. Corporate Governance in the US and Global Settings, 17(2), 81-123.

Gallego-A´lvarez, I., Garcı´a-Sa´nchez, I. M. & Rodrı´guez-Dominguez, L. 2010. The influence of gender diversity on corporate performance. Revista de Contabilidad. Vol. 13 No. 1, pp. 53-88.

Hasanudin, H., Nurwulandari, A., Adnyana, I. M., & Loviana, N. 2020. The Effect of Ownership and Financial Performance on Firm Value of Oil and Gas Mining Companies in Indonesia. International Journal of Energy Economics and Policy, 10(5), 103.

Hunt, P. 2009. Structuring Mergers and Acquisitions: A Guide to Creating Shareholders Value. Aspen Publishers USA. (2020, 26 April). Peringkat bursa global: BEI urutan ke 30, masih lebih baik dari bursa IBEX Spanyol. Diakses pada 15 Oktober 2020, dari

Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.

Jensen, M.C. & Meckling, W.H. 1976. Theory of firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics. Vol. 3 No. 4. pp. 305-306.

Kontesa, Maria. 2015. Capital Structure, Profitability, And Firm Value. What's New?. Research Journal of Finance and Accounting.

Manurung, S. D., Suhadak & Nuzula, N. F. 2014. The influence of capital structure on profitability and firm value (a study on food and beverage companies listed in Indonesia stock exchange 2010-2012 period). Jurnal Administrasi Bisnis, 7(2).

Nurkhin, A., Wahyudin, A., & Fajriah, A. S. A. 2017. Relevansi Struktur Kepemilikan Terhadap Profitabilitas dan Nilai Perusahaan Barang Konsumsi. Jurnal Akuntansi Multiparadigma, 8(1), 35-46.

Paminto, A., Setyadi, D., & Sinaga, J. 2016. The effect of capital structure, firm growth and dividend policy on profitability and firm value of the oil palm plantation companies in Indonesia. European Journal of Business and Management www. iiste. org ISSN, 2222-1905.

Rahayu, S. M., & Saifi, M. 2019. The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management.

Riaz, S. 2015. Impact of capital structure on firm’s financial performance: An analysis of chemical sector of Pakistan. Journal of Poverty, Investment and Development, 12(1), 345-357.

Rohim, M., & Syamsudin, S. P. W. S. 2019. The Effect of Ownership Structure on Firm Value with Profitability as a Moderating Variable. International Summit on Science Technology and Humanity.

Ross, S. A., Westerfield, R. W. & Jordan, B. D. 2019. Fundamentals of Corporate Finance 12th Edition. Canadian ed. McGraw Hill.

Sekaran, U., & Bougie, R. 2016. Research methods for business: A skill building approach. John Wiley & Sons.

Shahid, M. N., Abbas, A., Latif, K., Attique, A., & Khalid, S. 2020. The mediating role of board size, philanthropy and working capital management between basic corporate governance factors and firm's performance. Journal of Asian Business and Economic Studies.

Solakoglu, M. N., & Demir, N. 2016. The role of firm characteristics on the relationship between gender diversity and firm performance. Management Decision.

Sudjana. 2010. Metode Statistika. Bandung: Tarsito.

Sugiyono. 2011. Statistika untuk Penelitian. Bandung: Alfabeta.

Sugosha, M. J., & Artini, L. G. S. 2020. The role of profitability in mediating company ownership structure and size of firm value in the pharmaceutical industry on the Indonesia stock exchange. International research journal of management, IT and social sciences, 7(1), 104-115.

Titman, S., Keown, A. J., & Martin, J. D. 2018. Financial management: Principles and applications 13th Edition. United Kingdom : Pearson Education Limited.

Ullah, I., Fang, H., & Jebran, K. 2019. Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy. Corporate Governance: The International Journal of Business in Society.

Van Horne, J. C. & Wachowicz, J. M. 2005. Fundamentals of Financial Management. 12th ed., Prentice Hall, London.

Vintilă, G., & Gherghina, Ş. C. 2014. The impact of ownership concentration on firm value. Empirical study of the Bucharest Stock Exchange listed companies. Procedia Economics and Finance, 15, 271-279.

Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S. & Sedana, I. B. P. 2020. Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance

Management, Vol. ahead-of-print No. ahead-of-print.

DOI: Abstract - 0 PDF - 0


  • There are currently no refbacks.

Published by
Department of Accounting, Faculty of Economic and Business,
Syarif Hidayatullah State Islamic University

Jl. Ir. H. Juanda no 95, Ciputat 15412, Tangerang Selatan, Banten, Indonesia
Phone:+62(21) 7493318, Fax.: +62 (21) 7496006. e-Mail: 

View My Stats License

This work is licensed under CC BY-SA